Financial Performance - The consolidated profit after taxation attributable to shareholders for the year ended December 31, 2024, was HK$176,789,000, a significant increase of approximately 314% compared to HK$42,684,000 in 2023[17]. - The Group recorded a segment profit from property development and investment business of HK$205,051,000 for 2024, up from HK$99,085,000 in 2023[12]. - Basic earnings per share increased to 8.36 HK cents in 2024 from 2.12 HK cents in 2023[17]. - The Group declared an interim dividend of 13 HK cents per share for 2024, up from 10 HK cents per share in 2023[18]. - The Group shared a net profit from a joint venture of HK$17,919,000 in 2024, down from HK$22,645,000 in 2023[14]. - For the year ended December 31, 2024, the Group recorded a significant increase in net profit attributable to shareholders, amounting to HK$176,789,000, compared to HK$42,684,000 in 2023, representing an increase of approximately 314%[21]. Revenue and Profit Contributions - Total revenue from property development and investment reached HK$343,728,000, accounting for approximately 86.01% of the Group's total operating revenue for 2024[30]. - The property investment segment was the primary profit contributor, generating a segment profit of HK$145,727,000, up from HK$54,091,000 in 2023[25]. - The property development and trading segment contributed a profit of HK$59,324,000, an increase from HK$44,994,000 in the previous year[26]. - The Group's golf club business in Shanghai reported a profit of HK$2,255,000, recovering from a loss of HK$4,132,000 in 2023[26]. - The media and entertainment segment achieved a slight profit of HK$225,000, compared to a loss of HK$276,000 in the previous year[27]. - The Group's Tomson Riviera project recognized total revenue of HK$257.92 million, which accounted for approximately 64.54% of the Group's gross proceeds from operations[36]. Assets and Liabilities - Total assets increased by approximately 12.42% to HK$20,641,624,000 as of December 31, 2024, primarily due to pre-sale proceeds from Tomson Foresta[99]. - The Group's total liabilities amounted to HK$5,398,212,000, down from HK$6,218,040,000 in 2023, with 41.91% being tax payables and 20.63% being borrowings[107]. - Borrowings increased to HK$1,113,875,000 as of December 31, 2024, representing 9.47% of equity attributable to owners, up from 3.13% in 2023[108]. - The current ratio decreased to 1.63 from 2.05 in 2023, while the gearing ratio increased to 74.41% from 51.79%[113]. Cash Flow and Investments - Cash and cash equivalents decreased by approximately 39.83% to HK$2,130,774,000 as of December 31, 2024[101]. - The Group recorded a net decrease in cash and cash equivalents of HK$1,311,087,000 during the year, compared to a decrease of HK$297,696,000 in 2023[105]. - As of December 31, 2024, the fair value of the Group's listed securities investments held for trading was HK$47,540,000, approximately 0.23% of total assets[90]. - Dividend income from SZMP increased to HK$32,719,000 in 2024 from HK$18,470,000 in 2023, while an unrealized loss of HK$61,780,000 was recorded for the investment[92]. Development Projects - The Group plans to develop the Tomson Foresta project in six phases over the next three years, with the first phase consisting of 43 units sold for a total consideration of HK$2,794 million[49][50]. - The second phase of the project includes 196 residential units with a total gross floor area of approximately 61,700 square meters, with 83 units contracted for sale and pre-sale proceeds of HK$557 million received as of December 31, 2024[51][52]. - The third phase will provide 58 townhouse units with a total gross floor area of approximately 38,300 square meters, targeted for sale in Q4 2025, subject to local government approval[51][52]. - The fourth phase of the project commenced construction in 2024 and is expected to be completed by 2028, featuring low-rise apartment buildings with a total gross floor area of approximately 103,300 square meters[55][57]. Corporate Governance - The Board consists of six members, including three executive Directors and three independent non-executive Directors[142]. - The Company maintains high standards of corporate governance, which is crucial for enhancing operational efficiencies and shareholder value[160]. - The Audit Committee conducted three meetings to review interim and annual financial statements and evaluate risk management and internal control systems[170]. - The Company has adopted a policy where no Director can decide their own remuneration, ensuring impartiality in the remuneration process[184]. - The Company encourages Directors to participate in professional development seminars and conferences to enhance their skills[193]. Risk Management - The Group is committed to maintaining effective risk control as a core competitiveness and investment highlight[140]. - The risk management and internal control systems are designed to manage significant risks but do not eliminate them, providing reasonable assurance against material misstatement or loss[200]. - The management will adopt a conservative approach in managing the securities trading portfolio, focusing on securities with steady recurrent yield[128]. Workforce and Employment - Total emoluments paid to staff and directors during the year amounted to HK$67,733,000[129]. - The Group employs approximately 420 staff across various offices, including Hong Kong and Shanghai[129]. - The gender ratio in the workforce, including senior management, was approximately 51:49 as of the end of the review year[141].
汤臣集团(00258) - 2024 - 年度财报